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Ordinarily, “newcomers entering the field cannot compete immediately wit the established, reputable companies, and have to spend years working… to earn an equal reputation[i].” People have an incentive not to poison their neighbors – they have to see them everyday! And businessmen have an incentive not to injure their customers – they would like to see them every day!
READ MOREWith the financial crisis affecting the United States and Europe, here and there are comments and concerns on what could happen with the dollar, the euro and even the international monetary order. With politicians and economists warning that the financ …
READ MOREDeposit insurance, it is argued, is needed to cope with inherent fragility of banking and money market. To avoid panics, or financial crisis, a safety net on the system is required. Of course, such safety, is not free. There are not only direct economi …
READ MOREChicago Tribune columnist Steve Chapman claims that fears of coming inflation are “unfounded.” His main arguments: Gold has been rising since 2000, while CPI inflation averaged under 3% per year since then—suggesting gold has been a poor predictor of i …
READ MORE“Free bankers have been fighting a war on two fronts. On one they face champions of central banking and managed money. On the other they struggle against advocates of 100-percent reserve banking. Although the second front is a lot smaller than the firs …
READ MORE“Federal Reserve Bank of Kansas City President Thomas Hoenig, the central bank’s longest-serving policy maker, said the U.S. needs to raise interest rates to encourage individuals to save and avoid future asset bubbles. Hoenig, who doesn’t vote on mone …
READ MORE“To begin, the national debt has provoked concern over the stability of US debt. Last month Standard and Poor’s revised its sovereign credit rating of the U.S. in the long-term from stable to negative. Last week the US reached its debt limit, which, ju …
READ MORERoberts and Papola have done it again: a rap video that explains the divergent views of two of the most prominent economists of the 20th century. It’s better than most textbooks, and entertaining to boot. It’s “Fight of the Century.” The video is a fo …
READ MORE“In ordinary times it would be ignorant to ask, “Who’s going to bail out the Fed?” — but then again these aren’t ordinary times. Solvency of the Federal Reserve Bank shouldn’t be an issue because it carries the full faith and credit of the United State …
READ MORE“The U.S. Consumer Price Index for April provided insight into one reason why the housing market is so quiet. While home prices have been showing steady erosion so far this year, as recorded by the S&P Case-Shiller index, the price level for a bask …
READ MORE“The federal government recently placed Fannie Mae and Freddie Mac, the government chartered, privately owned mortgage finance companies, in conservatorship. These two massive companies are profit driven, but as government-sponsored enterprises (GSEs) …
READ MORE“Could the U.S. economy use an extra $170 billion right about now? Though the economy has shown fitful signs of growth, that growth is still so fragile that it remains to be seen whether it can withstand setbacks such as the rising price of gasoline. S …
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